Trending news ghana11/20/2023 Customs and Excise (Petroleum Taxes and Petroleum Related Levies) Act, 2005, (Act 685) as amended.Communications Service Tax Act, 2008 (Act 754) as amended.COVID-19 Health Recovery Act, 2021 (Act 1068).Casino Revenue Tax Act, 1973 (N.R.C.D 200).African Union Import Levy Act, 2017, (Act 952).Part I – Laws subject to full administration: This Act amends the Ghana Revenue Authority Act, 2009 (Act 791) to provide for laws subject to the administration of the Ghana Revenue Authority (GRA).Īct 1096 has amended the First Schedule to Act 791 and substituted it with the following: Ghana Revenue Authority (Amendment) Act, 2023 (Act 1096) Computed on the Cost, Insurance and Freight (CIF) value of the goods listed in the second column.The excise duty indicated in the third column in relation to the goods listed under Commodity Description for Tariff Number 8 has been amended to be both: Plastic and Plastic products listed under Chapters 39 and 63 of the Harmonised System and Custom Tariff Schedules Electronic cigarettes and similar personal electric vaporizing devices falling under heading 85.43 of the Harmonised System and Custom Tariff Schedules:.Electronic cigarette liquids falling under the heading 24.03 of the Harmonised System and Custom Tariff Schedulesĥ0 per centum of the ex-factory price and a specific duty of 50 pesewas per millilitre.Denatured to the satisfaction of the Commissioner-Generalĥ0 per centum of the ex-factory price and a specific duty of 28 pesewas per stick.For use solely in laboratories or in the compounding of drugs.Less than 50 per centum of local raw materialĥ0 per centum to 70 per centum of local raw materialĪbove 70 per centum of local raw material Above 70 per centum of local raw materialīeer, stout other than indigenous beer: Percentage use of local raw material.50 per centum to 70 per centum of local raw material.Less than 50 per centum of local raw material.Malt drink: Percentage use of local raw material Fruit juices (including grape and vegetable juices, unfermented and not containing added spirits whether or not containing added sugar or other sweetening matter falling under heading 20.9 of the Harmonised System and Custom Tariff Schedules.Waters, including mineral waters of all descriptions whether or not containing added sugar, or other sweetening matter or flavoured, and other non-alcoholic beverages falling under the heading 22.01 and 22.02 of the Harmonised System and Custom Tariff Schedules. The Act has amended Act 878 by replacing the First Schedule with a new Schedule, which reads as follows: Impose an excise duty on sweetened beverages (including fruit juices), electronic cigarettes and electronic liquids.Increase the excise duty on wine, malt drinks and spirits.Mitigate the harmful effects of some excisable products.Amend the Excise Duty Act, 2014 (Act 878) to revise the excise duty for cigarettes and other tobacco products to conform with the Economic Community of West African States (ECOWAS) Protocols.The object of the Excise Duty (Amendment) Act, 2023 (Act 1093) is to Excise Duty (Amendment) Act, 2023 (Act 1093) Because none of the Acts specifies an effective date, the gazette notification date (3 April 2023) constitutes the date of entry into force for the Acts. Revenue Administration Act, 2022 (Act 1086).Growth and Sustainability Levy Act, 2023 (Act 1095).Ghana Revenue Authority (Amendment) Act, 2023 (Act 1096).Excise Duty (Amendment) Act, 2023 (Act 1093).These circumstances have spurred the Government of Ghana to introduce various fiscal measures to reset the economy, restore macroeconomic stability and help individuals to thrive.Īs a result, the following Acts have been passed by the Parliament of Ghana: The recent macroeconomic challenges occasioned by the Russia-Ukraine war and the post-effects of COVID-19 have brought about food shortages, high inflation and high debt levels. This Alert summarizes key aspects of the Acts. These Acts were enacted as part of the various fiscal measures introduced under the 2023 Budget Statement and Economic Policy (the 2023 Budget). Ghana’s Parliament has enacted or amended five laws (together, “the Acts”) affecting individual and business taxpayers. In addition to consolidating laws subject to administration by the Ghana Revenue Authority, the new laws also unify the unrelieved loss regime, revise the treatment of foreign exchange losses, and introduce a growth and stability levy applicable to entities.These law changes seek to increase the duty on certain excisable products, revise the income tax rates applicable to individuals and how the motor vehicle benefit is quantified, and introduce withholding tax on the realization of assets and liabilities.Ghana’s Parliament has enacted several laws affecting the taxation of individuals and businesses, effective 3 April 2023.
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